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Public Release: Instant Loans
Recorded: April 2, 2025 Duration: 1:04:21Space Recording
Short Summary
Liquidium has launched a new instant loan feature, marking a significant innovation in Bitcoin DeFi by eliminating friction in the loan process. The project utilizes ICP's Chain Fusion technology for asset control, enhancing user experience and security. This development is part of a broader trend towards integrating real-world assets into the crypto space, with Bitcoin DeFi expected to become a major market player.
Full Transcription
Hvað er það? Thank you. liquidium is gay
stop it
yo, what up, good evening
what's going on?
we're just getting this keyboard in
give us a few minutes it's fucking good What's going on? Yeah, just getting this keyboard in.
Give us a few minutes.
It's fucking good.
I would play some music.
Yeah, yeah.
Whoa.
Hold on. Hold on.
Walk it like I'm talking.
Walk it like I'm talking.
Woo.
Walk it like I'm talking.
Walk it like I'm talking.
Walk it like I'm talking.
Woo.
Good.
Hey.
Walk it like I'm talking.
Walk it like I'm talking.
Woo. Walk it like I talk it. Walk it, walk it like I talk it. Walk it, walk it like I talk it.
Walk it like I talk it.
Walk it like I talk it.
Walk it like I talk it.
Walk it, walk it like I talk it.
Get my shoes and walk a mile, something that you can't do.
Big tops of the town, big boy game moves.
I like to walk around with my chain loose.
She just bought a new ass, but got the same booze.
Whipping up doctor's scientist. Whipping up, pick it up, pick it it up pick it up screw that's my sauce so you got it that's my sauce adding up chain no minus get your respect and diamonds
i bought a plain chain rolling this nigga bought they fame i think my back got stolen
yosef cause i swear to lane heard you sign your life for that brand new chain i heard about the game Let's go. my song. Say that we've been beefing, dog, with you on your own. First night, she gonna let me
fuck as we grown. I hit
her, gave her back to the city.
She ho.
That was bad, so I can't be beefing
with no wag, nigga. Got no bad
bo. Heard you living in a mansion
and all your raps, though.
But your shit look like the trap on these
Google Maps, though.
We've been brothers since Versace Band, though.
Name ringing like Amigo Trap, though.
Used to be with Vashti and Santos.
That's on Tommy Campos.
We live like Sopranos.
Ladies and gentlemen, we're at the point now
where we are going to find out.
GM, GM, GM.
Tag team is working.
I'm still waiting for the other
co-founders to
join.
First of all,
thank you very much
to everyone joining. Today's
a pretty important space for
the room space in general.
We got some crazy tech coming out
and as we do it in
Liquidium fashion,
it's being deployed
in that minute as we
speak. So
bear a minute with me.
We're still waiting for people.
Yeah. Happy to have speakers on
board maybe cook James and Kyle you can present yourself to the audience so I
can manage the rest to get in let's go
Cook, I don't think we can hear you, man.
I can't hear him either.
Thank you, Elon, for that awesome service.
Maybe Cook, you'll rejoin again.
That would be appreciated.
It's not a space without a rug, so we got it out of the way early.
Yeah, so super excited to be here, GMGM everyone.
I'm Kyle, I'm from DFINITY and just really looking forward to getting this public access
for instant loans on Liquidium and happy to be part of this space and and getting to
watch you guys innovate in real time awesome stuff let's go
GM GM it's James here aka the chief idiot here at liquidium it's good to have
you all here in the crowd for this momentous day and opening day for
public instant
loans man i'm psyched let's go who wants to come next can you hear me now yes sir yeah okay sorry
man it's funny because before this like before the space half an hour ago, Jay was like telegramming me.
And he's like, oh, I got some technical problems.
Like, have you seen this?
And I was giving him a troubleshooting list of spaces, stuff to do, close the app, turn
off Wi-Fi and all this shit.
Anyways, I didn't do any of it myself.
So I think that's why my thing was bugged.
But yeah, I'm happy to be here, man.
I haven't been on spaces for like a while.
I don't really go on space as much.
And I haven't talked to the Liquidium guys on Spaces for quite a while. And I've used the instant loan stuff in Alpha. And so this to me is a total game changer. These guys always release like, yeah, huge important things, man. that at least where i think that bitcoin will ultimately go like bitcoin defi will be will be
absolutely massive one day and this is the type of like tech that is gonna push everything forward
it's really cool to me what this is i'm sure we'll get into it thanks for having me guys
let's go let's go finally and we got our other co-founder in the house, Robin and Pete. Maybe Robin, you want to give the crowd a little welcome.
Hello, everybody. Thank you for being here. I'm very excited about this new launch. Yeah, this is something that we have been working on feels like forever like basically since we started liquidium
um like since we started the development for like uh originals and then later on also runes loans
on layer one bitcoin we always wanted to have this instant don'ts functionality and that's something
that yeah we've been spending like
countless of hours scrambling our heads how we can do it and we finally found a way um it kind
of i think turns around bitcoin defy as a whole i think it's kind of like a new perspective on
things how how you can develop on bitcoin so yeah we're super excited to share this with you today. And yeah, talk more about
it and have all of these beautiful partners in here. Yeah.
Cool, cool. Yeah, maybe Pete, you want to present yourself to the audience and then we're off to
good part. For sure. What's up, everybody? Thanks for coming today. Like everybody has echoed,
we're super excited about the launch today. I think this is a huge step in Bitcoin innovation.
Like Robin said, this has basically always been a side project that we've been researching forever,
just how do we make Bitcoin even better? How can we do more things with it? We finally found a
pretty unique solution something
that other people are starting to take notice on and you know finally we've been able to put out
the first real big feature that we're using so so yeah super happy to be here and excited to chat
with everybody let's go as we know um yeah share this tweet retweet like share it in your groups as I said as we said
massive day for Bitcoin DeFi for yeah DeFi in general and yeah I would start with like the
first easy question so yeah as you may know we are using a specific tech to kind of make instant loans happen.
So maybe, Pete, you can just give the audience a quick rundown while we decided to move with ICP using their Chain Fusion.
And yeah, just tell us where we went this route.
Wait, can I say say can i make it
go ahead robin sorry go ahead no no you go ahead you go ahead i was just gonna say because you guys are probably so deep into it right and you're like oh instant loans instant loans and then you're
talking about icp and what's gonna happen like i think you should just talk about first what the change, like what are you changing, layman's terms, you know?
Because it's a pretty big change and it's like really a game changer, but like dumb it down for everyone because they're not going to know yet.
Yeah, great minds think alike.
I was going to say the same thing.
So yeah, I can give a rundown of what Instant Loans actually means to the space and what it means to Liquidium.
So as probably most of you all in this space are familiar with, we have had peer-to-peer loans for Ordinals and Runes and BRC20 tokens live for quite a while now.
And the way it works, like the way current or like previously, I can now say,
loans work on Liquidium is that essentially a lender,
a lender, by the way, is the person who is lending out Bitcoin in order to earn more Bitcoin.
A lender can create an offer, a loan offer on, for example,
runes.
They can say, for example, hey, there is like, like, I want to make a loan offer on 10,000 dog go to the moon or something like that.
And I'm going to lend out like 80% loan to value ratio, meaning 80% of the value of that token amount.
And then a borrower can accept that loan offer.
And due to the way that Bitcoin works,
it was not like as streamlined.
So it was like the lender creates an offer,
the borrower accepts,
and then the lender would get a notification that their offer was accepted.
And then the lender had to come back to the platform and countersign the loan to start the loan.
And obviously, that is like a process that works.
It led to over 4,000 Bitcoin in loan volume over the last one and a half years.
It led to over 90,000 loans on Liquidium.
So it definitely worked.
It did the job.
But there was a lot of friction because, yeah, as I said,
lender creates offer, borrower accepts,
and then lender has to come back and countersign.
And what happened due to that is the borrower had to wait
for the lender to come back and sign, which means the borrower would not get a loan instantly.
And then also there was the chance that a lender wouldn't come back to the platform at all and wouldn't countersign at all.
So this means that the borrower might have accepted an offer, but then the lender never actually starts the offer.
have to offer, but then the lender never actually starts the offer. And that was very frustrating
for people that just wanted to borrow because these people that are borrowing, they are usually,
they want the liquidity right now, right? They're like, okay, I want 0.1 Bitcoin right now. And
having to wait for that Bitcoin to come to you is obviously pain. And it's a big friction point.
you is obviously pain and it's a big friction point.
And with instant loans, we are now eliminating this third step.
So now it's basically lender creates an offer, borrower accepts and the loan instantly starts.
So as a borrower, like you basically have a one click experience.
Now you literally just click the borrow button and then the Bitcoin will flow to you.
No, no need to wait.
No need to like struggle with that.
Maybe the lender won't countersign. It's a super, super simple process now that I think like even a five-year-old could use it.
So I think that's, that's pretty cool.
And that's, that's like one of the main changes.
And that's like one of the main changes.
And then the other change is that due to how we are doing loans now,
you have way more flexibility about how many runes you can borrow against.
Previously, we were limited to rune bundle sizes.
So that means that basically a lender had to create an offer on a specific
amount of runes. So for example, there was like a bundle for 10,000 dog, as I mentioned earlier,
and then a lender could create an offer for these 10,000 dog. And then a borrower could only borrow
against exactly 10,000 dog. You couldn't borrow against more or less.
You had to stick to that bundle size.
And these bundles are now gone completely.
So basically, it's a true fungible token experience now
where a lender can choose any amount that they want to lend to.
And then the borrower can come in
and they can borrow against any amount that they want to borrow against.
So you can like to the token,
to the not decimal,
but like to the single token,
you can choose how many tokens
you want to borrow against.
And then it's a one-click experience
to start that loan.
So overall, it's like a really,
really good experience.
I would say at least on the level of what you're seeing on
Solana and Ethereum, total flexibility,
no need to wait, no friction, no counter signatures, all of that
is gone. And that's why we are so excited about it
it because it just like 100x is the experience for the users for the platform.
because it just like 100x is the experience for the users, for the
platform.
Yeah, that sounds amazing.
And yeah, I've been also testing it.
Yeah, it's just such a great way on how to, yeah, utilize your runes, collateralize against
Yeah, so you talked about the whole flow the basically how we improve stuff and so on
um maybe pete or you or robin yourself or maybe kai later on can you just talk real quick about
the underlying tech we're using just to educate users um that would be awesome
um that would be awesome yeah absolutely i can take this one so um so yeah i mean you know the
main the main title of the product is instant loans you know we're offering uh we're creating
creating a feature that allows you to get this liquidity instantly something that the the market
really thrives on when it has and if without it you know it kind of just creates much more friction than is necessary and that's kind of what has been the state of uh of the lending market on bitcoin up
until now um so yeah the way that we've been able to achieve this is by utilizing uh some unique
features that icp implements um and that's called Chain Fusion,
which is basically a way that ICP smart contracts
can go in and control and move around assets
from different chains.
So you can kind of, you can literally deposit assets
from any blockchain onto ICP and ICP can go
and you can write smart contracts to move that around.
And so that's basically what we've done here is we've made some smart contracts to control
a user vault where this is the lender's vault and the lender can come in and deposit their
Bitcoin here and then they can go ahead and create offers for people to accept.
here, and then they can go ahead and create offers for people to accept. And now whenever
a borrower comes to accept a loan, then the ICP can go ahead and verify all of the loan details
for the user on their behalf and go ahead and sign the transaction to start the loan.
And that'll kick things off. And the other unique thing is that after the loan begins, the collateral is still escrowed in the way that we've done it previously, which is using discrete log contracts.
So that's another unique thing.
Like it really is only a change to kind of the starting of the loan and everything through the rest is exactly the same.
is exactly the same.
But yeah, so really it's just incredible
to have this type of programmability layer
outside of Bitcoin,
but able to, you know, settle and move Bitcoin.
And I just quickly wanted to add to this.
Sorry, sorry, Jay.
So just to clarify, the whole user experience is still
happening on layer one Bitcoin, which means as a lender and as a borrower, you are not touching any
different wallet. You're using the same Bitcoin wallets that you're used to, Xverse, Uni, Set, OK, X, whatever you're familiar with,
you are going to just like lend out your BTC from layer one Bitcoin. And as a borrower,
if you're borrowing, you're using your existing Bitcoin wallet to just borrow.
You don't have to deposit Bruins in advance. You don't have to deposit anything as a borrower.
As a borrower, it's literally you connect your wallet and you instantly start borrowing. And then everything
is happening on Bitcoin. You will receive your Bitcoin into your Bitcoin wallet. No need to
bridge or swap or whatever, wrap between different chains or anything like that. Everything is
happening on Bitcoin. And ICP is basically just
sitting in the background and verifying the logic and making sure that everything is going right
and executing transactions on Bitcoin to, I guess, simplify it to a way that I understand it as well.
Yeah, that's awesome. Maybe Kyle, as you hear from as a representative from ICP, maybe you also want to touch on Chainfusion and like how you got there and so on.
the trust assumptions that you're making are very similar to the trust assumptions as
Bitcoin native layer one. And you log in with a Bitcoin wallet, you custody your own Bitcoin,
you custody your runes. And so in a way, I think that the biggest emphasis should stay on Bitcoin
and kind of recognizing that you're getting all the security from that we know and love of Bitcoin. And I really love the product choices that Liquidium
has chosen. And I think it's from our perspective, from a DFINITY and ICP perspective,
we kind of consider ourselves the invisible layer in crypto, kind of like how Amazon Web Services is
behind the scenes of a lot of SaaS software. We kind of want Web Services is behind the scenes of a lot of like
SaaS software. We kind of want to just be behind the scenes of a lot of crypto software, just
playing our role and chugging away. And I think Robin kind of said it best, though, is you're now
seeing, you know, when I when I first got into Bitcoin back in 2018, there was this this phrase
of, you know, Ethereum is the testnet for Bitcoin and any innovation on Ethereum
is going to come back to Bitcoin. And as the years progressed, I got to say like that kind of
went away and people stopped saying it because there was just no truth to the matter. And now
you flash forward to 2025 and you actually start to see that, right? You have now this, I mean,
not even Ethereum. Ethereum is now kind of left in the dust.
You have this Solana real fast transaction times and everything like that.
You have this Solana experience, user experience, but you have it on Bitcoin.
And I think that this is really now starting to take shape of seeing Bitcoin have a user experience that can rival or even top some of the other chains.
And so I really just look forward to BTC5 becoming the dominant player of 2025 and 2026.
I think it's going to be the narrative to be following.
And so just happy to be part of this ride.
Let's go. Let's go.
I saw a hand up here.
Big Rock, do you still want to say something yeah yeah just come to show liquidium love bro it's been a really long time we did a space a while back when the
fuku hedrons launched um but yeah just coming to show you guys some love this is this is super
dope to see um because it does give uh bitcoin that that fighting edge against Salami and Ethereum and these other chains.
So it's really interesting to see.
I'm super curious to see how this will translate over to Ordanos or Ordanos, if you would like to call them that, you know, with instant loans on your guys' platforms.
But, yeah, this is this is cool, man.
I don't know how long you guys have been working on this.
You guys could share that aspect of it. But this is dope and congrats yeah 100 uh great great question and um
yeah so obviously ordinals are kind of at the heart of our um product suite uh i think ordinals
was the biggest success for us and uh will hopefully continue to be um and uh for for like
right now this feature is first rolling out to runes just because it does uh create the most
significant um advantage to runes by essentially being able to eliminate the bundle sizes and everything.
And it's basically our first proof of concept to show that it is possible to have a true smart contract that executes and settles on Bitcoin and we can have this technology.
And yes, we are working on instant loans for ordinals as well.
That's coming up next.
That's kind of the next plan to use this technology.
Runes is just the start.
Everything else is coming later.
And we're so excited to kind of build with this new stuff.
As I said in the beginning,
this is kind of like the beginning of the new era
for Bitcoin DeFi.
This is like Solana Ethereum-like experience,
but on layer one Bitcoin.
And we have a lot of plans to do more with it and,
and yeah,
kickstart this whole thing.
And I think you had a second part to the question,
except like ordinals.
Can you,
can you just repeat?
sorry.
I think that was
a full question Robin I just called
them more Daniels instead of Ornals
that's all it was but yeah man
shout out to you guys I appreciate you guys
for supporting like I said the Fuku Hedrons
and we're here to support Liquidium man
appreciate it appreciate it
yeah
yeah Kuki you have your hand up
yeah I just wanted to add one thing
I like that guy's
name big rug sick name really like it it was laughing but uh no something he said right i
just wanted to highlight something the way i look at it he's like oh yeah this will this is a big
step and it'll allow bitcoin to compete a bit with like ethereum and solana defy or however
you worded it i look at this like from a really zoomed out view the reason
i've always been super excited about liquidium and like this step is massive massive massive
massive instant loans like loan pools i got a feature request maybe i'll give you guys at the
end but uh okay the home of capital in crypto is bitcoin you know like that's just it the real defy
should be on bitcoin man all the money is on bitcoin
bitcoin is a two trillion dollar asset it's going to be 20 within a decade like it'll flip gold and
so you know like the ultimate most capitalized digital asset layer of all time should probably
have defy on it right and like you know lending and borrowing and like i really think that the total market size for this type of infrastructure is massive.
Just massive, man. It has to start in the degen world. All of crypto did, right? It
was always degen. It starts degen, and then the world starts to take notice. Now the whole
world loves Bitcoin, but they have no idea that bitcoin defy is even a thing because it's just some dgens playing around right like in the in the dark corners of crypto
but i think that you will see yeah i don't time frames are not really my thing 10 years five
years whatever it is but bitcoin defy is going to be a massive massive massive market it's a lot
bigger than like you know ordin, ordinals, I think.
But like then again, RWA,
maybe ordinals are what are used to mark real world assets on chain.
And then that's what the DeFi world surrounds.
Like this can get crazy.
I just wanted to add that.
100%, I agree.
That is actually something
that I also kind of thought about more
when I visited El Salvador. I was there for two
months last year. And when I was there, I was like, seeing that people kind of like take Bitcoin
payments in their backyard, and they don't like they don't understand the technology. And they don't have to because some of these wallets that they're using are so simple that it just works.
And they don't have a bank account.
They have nothing like that.
They just use Bitcoin because it works and because it has decent value to it.
And it's obviously there.
It's like a currency that is accepted by the government or like a legal tender.
And then I have talked to a bunch of homeowners and real estate owners in El Salvador.
And they have told me that there is a big problem in El Salvador that basically real estate and property and like ownership in general is very fragile there.
Essentially, people are getting disowned by the government or by other people
because there are no like real proofs that you own something.
And that kind of got the idea into my head to think like,
And that kind of got the idea into my head to think like, this is a country that already accepts Bitcoin, that is bullish on Bitcoin.
Like if that country just realizes that we can take ownership, put it on Bitcoin, and then somebody can take a loan against their house on Liquidium.
Like how cool is that?
That's nuts.
Like somebody from China can give you a loan on your property in El Salvador.
Yeah, that's fucking cool.
Yeah, we need to start talking to Bukele.
No, Dagpader, you got your hands up.
Happy to have you here.
Hey, GM guys.
I hope you can hear me okay.
I'm trying my laptop setup today because my phone is dying.
I hope you can hear me.
Crystal clear.
Awesome.
I mean, just coming back to Robin's case that people don't understand Bitcoin technology, I think 95% of the people who use their iPhone and pay with their QR code in the supermarket don't really understand how the fiat monetary system is working and what is going on in the backyard, you know, with all these, I think, five legacy financial companies who are rooting the euros or the dollars from A to B.
So it's just the same thing.
Your acts need to be cool.
It needs to be easy, as easy as possible.
And then people will use it.
And the less friction, the more users.
So it's super simple.
So I'm super bullish.
I tested that.
I'm on the lender side.
So I have to move some funds into some vault that have something like a prepayment that everyone can draw upon.
But that's one click on my side.
And I think I could have done three times the lending volume if I haven know, if I haven't missed so many loan, you know, deals because I was busy or doing something else and not sitting in front of some screen to countersign.
So, man, I'm looking forward to go up the ranking since I can now have my kind of like lending fidelity standing.
So, man, that's so cool.
Yeah, I 100% agree.
This is a great point that you make.
Like, I have been using Instant Loans for a while now,
obviously been a day one tester when we launched it
in a development environment.
And just like in the beginning,
when we put it on a development environment
and I created a loan offer
and then I had to drive somewhere
and I was in the car
and I was stuck in the car for the next two hours.
And then I got the notification
that somebody accepted my loan offer.
I mean, obviously it was somebody from our team while it was in the dev environment, but still like I got the notification that somebody accepted my loan offer. I mean, obviously, it was somebody from our team while it was in the dev environment.
But still, I saw the notification come up that my loan offer was accepted and that the loan started immediately.
And I was like, oh, shit, I don't have to go to a parking lot and manually accept this loan and hope that I will be the first one to countersign the loan.
Yeah, that was such a good feeling and that that showed me okay this this is actual like actually really cool
instant loan saves lives dude now you don't need to go on your phone mid-drive so dude i'm telling you really is like that
yeah i was i was fighting for that loans like i got the notification
sign sign sign and then someone came before me and just smacked the juicy loan but i know i can
i can totally relate my um my buddy here uses Liquidium heavily.
He hates missing loans, so he'll have his Apple Watch on and notifications ready.
So as soon as he gets a notification on his watch, he'll look immediately at it.
Is it Liquidium?
If it is, you've got to log in quick before people beat you.
you you know so it's really a it's really a game changer for lenders too honestly well i have ptc
So it's really a game changer for lenders too, honestly.
waking up and see like 20 000 telegram bot messages so yeah that's fun for sure barbara
you got your hand up happy to have you here hey jim and congratulations liquidium just to piggyback
off of what robbing and uh dog father just mentioned about, you know, not waiting to counter sign.
I'm speaking on behalf of all the borrowers here who use Liquidium.
You have spoken on the lender's side.
So I just want to say that it's really exciting to be able to just, like, get a alone without wondering if the lender is asleep you know
sometimes you click that and you're just waiting for the lender to counter sign and you're praying
that the lender is not asleep sometimes I even check time zones I'm like oh hey maybe the person
is in the US or maybe they're in Asia you know like I do all of that and I calculate and then
when it's morning I check to see if they've countersigned.
And I'm wondering, like, what's at a point my friend said, like, what's why isn't that guy signing it?
So instant loans are really, really great.
I used it with the liquidium token.
I know that the first access was for those who have liquidium tokens so i was
able to access it and i was quite impressed at how fast i was able to get my loan and this is
exactly what we need you know like when there are mints that you don't want to sell your your assets
for and you just want to quickly get the loan and mint that you need instant loans so I'm really looking forward to that for originals because I
do think that a lot more people are interested in in that for originals as opposed to to runes
but however that that's also a utility added to holding runes I don't know if anyone has thought
about it like that you know so so people who hold runes and they know that they can't get
liquidity, like they have to list and wait for
someone to buy it or
they can't swap out easily,
they're able to just
get a loan instantly
on it. So I think it's pretty cool
and congratulations to the team for
delivering instant loans. I'm waiting
for instant loans for originals.
Those are or Daniel's barber. that's the first time i've ever heard of it or dinos like what the hell yeah it's or daniel
can i can i say this part real fast it almost acts like a an lp you guys have created the
first lp for runes so you're ahead of the game right now oh yeah no I I love that I love to hear that
obviously also from from a borrower's perspective um I think I think really the the biggest benefit
is probably for the borrower but it is like not like both like definitely both sides like borrowers
and lenders both just have a better user experience and I I think that's like, that was the main goal that we don't like, uh, preference one,
one party over the other, but just like experience, like improve the experience as a whole.
Um, and, uh, yeah, Kyle, I see you have your hand up.
Uh, please go.
Yeah, actually I'm just more interested.
I'm, I'm always fascinated with, always fascinated with people who build phenomenal products. And, you know, I'm sure everyone in the space would say Liquidium builds phenomenal products. And as you go through design and building and testing, there's a thousandete if you guys wouldn't mind just kind of sharing of you know behind the scenes like what was your like north star that kind of kept you guys focused and so when you're
coming up with you know decision after decision you can say like hey you know we want to focus
on ux or we want to focus on this specific quality uh to make sure that instant loans is is as as
good of a product as it could possibly be. That's a great question.
And this reminds me actually of the second part of the question that Big Rock had.
I think, Big Rock, you were also asking, since how long have we worked on this thing?
So I missed to answer that part.
So just to give a quick history of Liquidium as a whole. So we kind of started conceptualizing loans for Bitcoin NFTs essentially way back in 2022.
And basically, once the Ordinales protocol came out, we knew, OK, this is what we need to build on. Like this, this is finally a worthy implementation of NFTs on Bitcoin. And basically in February of 2023, we started then
like researching how we can build this on Bitcoin and immediately started working on it. And then by July of 2023, we had our first
working version live. And ever since then, the goal was to improve user experience. So
I'm a sucker for good user experience and good user interfaces. And I've probably been extremely
annoying to the team in terms of saying,
nah, we shouldn't do this and this and this and this feature
because it makes the experience more complicated
and it should be as simple as possible.
I'm always saying my mom should be able to use it, not knowing anything.
And so I think that we always took the user feedback that we received extremely seriously.
We've been through like hundreds of customer interviews at this point, always trying to be extremely on top of everything that's in our Discord and everything that's in our support tickets and so on.
And I think we try to have an approach where if we see a complaint from a user or if somebody has an issue and we understand that this issue is basically an issue of understanding, or if they run into an issue
because something isn't designed very logically,
that we go ahead and change the product
to make it better or more understandable for the user
and improve on the things on the product side
instead of helping the users learn how to use it.
And that's why we have gone over so many iterations with Liquidium now.
Like everything has changed plenty of times now with Liquidium.
This is kind of like the third or like we had three major rebuilds of the code base
where we basically scrapped everything and started from scratch
again until we landed here.
And since the beginning of Liquidium, one complaint was always borrowers were confused
like, oh, why don't I receive the loan immediately?
Why do I have to wait for the lender now?
And obviously, yes, we could have just taken the approach of telling the user, hey, it's just not possible.
You have to wait for the lender to countersign.
But we tried to view it from the user standpoint and say, OK, why can't I just get the loan immediately?
So since the beginning of 2023, we have been researching all kinds of technologies.
ICP was one of the very early technologies that we started a deep dive into the technology, how we can realize it.
And then we started working on it, I think, by like late summer of last year.
summer of last year.
That's when we started, I guess, playing around with proof of concepts, trying out different
technologies, landed on ICP as kind of the final technology that we're going to use.
And then the implementation was done over the last, at this point, I think it's over
six months now.
Yeah, it took a lot of time, but we wanted to make sure that it's perfect
and that it really has a big impact on the user experience.
I hope that answers both of these questions.
Yeah, 100%. Thank you for that.
We've got another question.
Energy with, no, three energy ways. Feel free to speak.
Yo, what's going on? Cool product, man. I'm in home services. And so this is something that actually I'm going to be doing some things here with home services soon. And we've been looking for like a DeFi product, you know, to launch into it.
and we've been looking for like a d5 product you know uh to launch into it so is this something
that um that you guys are going to work with other other industries besides like nfts and make it
like real world assets say somebody needs a loan on an air conditioner uh they put it out there and
then like somebody from your system lends them that money that's kind of how this works? It is a valid question. We didn't have the instance
where somebody was borrowing against a real world asset yet. What actually happened in the very early
days of Liquidium is that one of our first users actually took a loan on liquidium to buy himself a new car battery and um he ended up with
a new car battery and repaid his loan later so so that was cool to see um i think that was sort of
the the first uh real world scenario but in terms of real world assets um right, like obviously our platform is currently limited to the assets that are live on Bitcoin, which means ordinals, runes and BRC20 tokens.
real world asset that will be inscribed as an ordinal or like the ordinal will be a certificate
of ownership to a real world assets they can certainly borrow against it on liquidium so
the way it will work then is that like for example if you have that ordinal that is tied to
a real world asset like i think on ethereum we have seen things where people have inscribed NFTs that basically are the certificate of
ownership for a Rolex watch.
I mean, minted NFTs.
Sorry. Mixed up the language there.
I wish they could inscribe.
They wish.
If that happens on Ornose, for sure.
Like if you have an inscription on Bitcoin, you can borrow against it on Liquidium.
We have a feature live called Custom Loans, which is basically where you can use any inscription, put it as collateral, create a loan request.
And as long as a lender comes in and fills that request, you can get a loan against it.
So theoretically, the answer is yes.
Right now, in terms of the regular loan flow, it's just all of the, I would say, mainstream
ordinal collections, mainstream runes, mainstream BRC20 tokens.
All right, cool.
Well, I would like to work with you guys and even have maybe my developers do some stuff
for like, you know, real world assets and home services.
I can think where private equity groups would want to take their own pools of money and
basically lend it to their own people that are buying their services.
So there's a lot of that could work.
Yeah, let's get together. We're open to talk. Just DM us on DM Robin, DM me on the main account or something like this and
can set up a group.
We had one question in the comments. So maybe Pete you want to take this on.
in the comments so maybe peter want to take this on how safe are the liquidity
pools are they controlled by multi-stick and given a recent hack on fiber how
safe are the pools who wants to take that on yeah for sure so the liquidity
pools are totally safe one extra thing that we've done to make them even safer is that each vault
is unique per user.
So if you create a vault on Liquidium to deposit, it's a single address and that's the same
address it's always going to be and only you are going to use it.
And more specifically, what it is, it's a Bitcoin address that is a multisig between you and the ICP blockchain.
So essentially, if anything absolutely catastrophic were to happen, you know, these funds are always spendable by you, the user.
you know, these funds are always spendable by you, the user.
And this was a pretty important design decision that we made just to really make sure things are, you know, foolproof for users through and through.
But regardless, you know, when we did all of our research to kind of decide on what technology stack to use for this,
on what technology stack to use for this.
ICP really stood out because it is kind of what we've assessed
as probably the most secure from all the other options
that you have out there.
There's, you know, they're one of the biggest,
they've been around the longest,
this feature has been around longer than anybody else's too.
So it's already been battle tested
in a production environment for some time.
The network is decentralized and has a certain amount of nodes that needs signing. So that's
kind of like, we did a bunch of research on some of the trade-offs between different implementations.
This is the one that we ended up settling on as being the best for functionality and also the best for security.
this is a like because it is a one out of two multi-sig between you and the ICP contract
it means that even if liquidium were to go down completely even if ICP were to go down
completely like if ICP is not available anymore if liquidium is not available anymore, if liquidium is not available anymore, the only thing that you need to get your Bitcoin out of this vault is your own Bitcoin address.
So there is no need to trust anybody in the system besides yourself, essentially.
So it's a truly self-custody vault, essentially.
Yes, sir.
That is awesome as we're approaching
the one hour mark
I would
now get
some people on space so if you
want to ask questions to Robin,
Jeff, Pete, myself
even then
just request and I will put you on stage,
and I will kick some others if we reach full capacity.
So I'm going to add you.
I can't add in the speaker.
Lukas.
Yes.
Cook, you got a question first.
Oh, yeah.
I can ask a question if you want to reshuffle the speakers a bit.
Yeah, okay. I have a question. This is my feature request.
Question slash request.
Okay. And I think it was Barbara who kind of hinted at this, so she might also like this question.
But the ideal for me as a Liquidium user if i'm thinking like a couple steps ahead
this is what i would like to be able to do i would like to create one vault for myself
with x amount of bitcoin and just specify the assets and the max ltvs i'm willing to lend at
for both ordinals and runes like if i was to able if i was ever able to just create a vault
and be like all right i i posted about this a few times but like there's four bitcoin assets that
i'm interested in lending against right now and i'm doing it pretty heavily actually my liquidium
activity right now is like not the highest it's ever been but it's like second highest if there's
a chart i should but yeah anyways i'm back on there pretty heavy and i like puppets node monkeys um based angels and liquidium room and so if you could do a unified
vault and pick assets from both sides and then never have to do anything because i've set my
ltvs and everything else that's the dream for me right now. What do you guys think about that? That's a great idea.
And yeah, no, I really love that.
And it is kind of like, I think with Instant Loans,
it is the first step that we are taking into this reality.
And our motto for Instant Loans for lenders is lend and forget.
Like that's really what we ultimately want to achieve, right?
You just like set your terms, you set your offer, and you just forget about it.
And you just continuously like lend out loans and earn money, essentially.
And so right now, like as the first implementation of instant loans, it's it works that you create your loan offer like that, it's all happening within this one unified vault.
So you won't have to like create separate vaults for anything.
It's just one single vault that you deposit your Bitcoin into.
And then you can create as many offers as you want within that single vault.
So you don't deposit for like a specific collection or something like that,
just to be clear. And then right now it is, I guess, similar to how a centralized exchange
works to some degree in terms of the user experience, obviously not in terms of the
technology, but you post an offer. For example, you say, I want to lend out 0.1 Bitcoin at 75% LTV on
Liquidium token. So now you post that offer and basically borrowers will borrow from your offer
until the whole 0.1 Bitcoin is used up. And then when the whole 0.1 Bitcoin is used up. And then when the whole point one Bitcoin is used up,
you can create a new offer with new terms or the same terms or whatever. We want to make that even
easier by giving you the option to like literally just have an auto restart offer option kind of
thing that you just say like, okay, I want this offer to be open perpetually which means then whenever kind of like the whole offer is filled it just recreates itself and um
that that would be that is definitely a goal that is on the backlog right now um right now like once
you have used up the uh the the whole amount of of your offer You just need to come back and recreate the offer.
But you can create an offer for one Bitcoin and then it will take a while
until this offer is fully used up.
So that's pretty chill.
I think that's probably what you can just do for now
is just create a huge offer
and wait until it's fully used up.
Will probably take a little bit of time
until you have to come back to the platform and recreate the same offer. and wait until it's like fully used up will probably take like a little bit of time until
you have to come back to the platform and uh offer like like recreate the same offer but um
yeah the whole uh experience is like much more like what you've just described just create your
offers and forget about them until they are fully used up and then you get a notification saying
like oh your offer has been used fully come back create a
new one something like that amazing so will it ever be possible i guess for it to just be like
a revolving vault like say i have a bitcoin in a vault and people are coming in and they're
drawing on it for both ordinals and i don't know if you can hear that ambulance story. Um, like when somebody repays the loan, if it
goes back into the vault, I still currently, I have to go back and set new offers, right?
Is it like, I'm wondering if in the future you can create a vault, specify the terms. And as
people draw from the vault on loans and then repay
the terms are
still active with the capital in the vault.
Does it make sense what I'm saying?
You don't have to go in yet.
Makes perfect sense.
No, no, that's actually, like, it is
possible. It is
just a matter of, like, when we
will get to integrate that feature.
As I said, like, we have
basically the
exact feature that you're describing in our backlog.
But yeah, step by step, but it's
definitely the reality that we're aiming to.
Let's go.
I saw Monkey,
or Lucas, you had a hand up, you wanted
to speak.
Just for everyone in the audience, real quick, one legend here in this space,
being with Liquidium since 2023, so happy to have you on stage.
What's up, Jay? What's up, Robin? What's up, Peter?
Hello, everyone, your favorite Canadian here, on top of Cook, obviously.
Let's go, let's go let's go big big election coming up this month bro i know i know man it's gonna get insane uh let's not get
into it on this space um yeah well i was in between meetings at the bank and uh i saw instant
loan i mean i i needed to step on I didn't listen fully because I was in another
meeting, but your previous question, Robin answered pretty much my question, was like,
how do you set up the instant loan? Is it an LTV? Because with the floors going down mostly on most
ordinal collection, you don't want to set a fixed amount in BTC terms. want it as a, in a LTV value.
So you answered my question.
The other question that I might have is does ICP have access as a multi,
as a multi SIG or not?
I don't know if this was answered or if it was answered in the space space.
Sorry for making you repeat. If not, man, great job.
This is exactly what we needed because I think it was mentioned earlier.
Somebody is probably in the same situation as me that you post alone, but then you're too busy and you never get to the point where you have to counter sign it.
So having it in a liquidity pool will make our lives a lot easier for people that have busy lives here.
So, yeah yeah amazing job
guys uh and looking forward to the next development that you guys are building it's
fucking bullish let's go liquidium my favorite d5 bitcoin banking all right guys yeah appreciate
it no i can totally answer your um the question that you you had so um essentially like the the way it it works um like the way that uh icp works and and
basically the the access that icp has to your vault is um is very restricted so um
the your vault is like if you go to the liquidium app you can create your vault um as i said you
only have to do that
as a lender so borrowers they just borrow from bitcoin they don't have to set up a vault they
don't have to deposit any funds it's just a one-click borrowing experience everything happens
from your wallet to your wallet but then as a lender if you want to create loan offers you need
to set up that vault and that vault is a one out of two multi-sig between your wallet and the icp canister or the icp smart contract um which means you always have
like full control over the funds in the vault and then on the other hand uh icp like the icp smart
contract is basically like you can think of it as your assistant, your helping hand, the helping hand that can sign things in behalf of you, but only if you specify it to sign a message in your wallet and that signature is basically telling icp hey i
want like i verify with my signature that i want to lend out x amount of bitcoin to this um rune
or to this collection and um add a loanto-value ratio of X, right?
So that's basically what you're telling.
This is my offer.
This is what I'm creating.
And I'm signing that basically you, little ICP smart contract,
you can sign this in behalf of me if somebody accepts this offer.
And then that's basically what ICP will do.
That's the only functionality of ICP that
we have in our system. It's literally just to be sort of a helping hand to you that if a borrower
comes in and accepts a loan offer from you, then the ICP canister basically signs that offer in
behalf of you and therefore starts the loan. Yeah, that's the only functionality that we use ICP for. Even if you're
withdrawing Bitcoin from your vault, it's actually coming from your Bitcoin address, not from the
ICP smart contract. So the ICP smart contract is not even allowed to withdraw any funds from
the canister, essentially, from the vault. So, just to
I guess, explain it
in simplified terms.
That's amazing.
To underline one...
Like,
having max 18...
Is it me rugging?
No, I think it's
j-rugging.
Hello?
I think your internet is dying.
No, bro, I'm using my 5G.
What a phone.
Use Starlink. You should start using Starlink.
Can you hear me now?
Yeah, we can hear you now.
What I wanted to touch
on is the Max ATV thing.
That's pretty strong too
like when i use the instant loans right in alpha i always use the max ltv thing so my offers
only get posted or are available until a specific ltv threshold um so um yeah just wanted to
highlight this that i i think this is also like a really great feature we, or like Liquidium implemented.
And yeah, yeah, awesome, awesome space.
As we approach the one hour mark, I would say, yeah, first of all, thank you very much, Kuk, for coming in.
Thank you very much, Kai, for coming in, Dogfather, the other guys.
Thank you very much, Kai, for coming in, Dogfather, the other guys.
Yeah, it's amazing to build in this space, being in this space for an eternity.
Yeah, I think we just love Bitcoin DeFi building for the Bitcoin space.
And in the end, everyone wants to stake more sets.
So that's what you've signed up for.
So, yeah, thank you really much for the space.
Until I close it off, I just wanted to mention there are multipliers going on for two weeks for your favorite runes.
So points multipliers, of course, for Liquidium.
And we got points multipliers for Dog, for Odendog bro for BDC for gizmo and so yeah have a have a look there to gain
some more points on the lending side as on the borrowing side and yeah as always
you reach us on Twitter you just in our help center you reach us on
discord yeah if you face
any problems any bugs if you want
to improve stuff
or want to give feedback use their channels
yeah the team is
one of the hardest working teams to
get the feedback right
yeah
until then it was fun
again hosting a space thank you so much and now you will get
futures mask off to ah robin okay yeah i just wanted to say after the space you have to watch
the video like the trailer for instant loans it's pinned to the top here it's an amazing animation check it out also i love it
also check out the guys behind this heat studio h3 18 i think are they called um yeah thank you
so much to drinkster for managing this um yeah now wait did it did it just go live right now
before you shut it down i just got a a Telegram notification, Instant Loans Live.
It's already live, but like Telegram sometimes needs more.
It went live at the exact moment that we started the space.
We probably forgot to mention that.
Instant Loans are live now.
Check it out.
Take your Instant Loan right now.
Yeah.
Awesome.
Dan, mask off from future.
See you at a future space.
Thank you so much to everyone.
Let's send it.
Hopefully, we will kick off
the Runes Bull run again.
Thank you, guys. I'm going to go. See you guys and see you at the next space. Bye-bye. space bye bye
